Oil prices edged lower on Friday and were on course for a second consecutive weekly decline, as mounting concerns over a global supply glut outweighed fears of a fresh escalation in the nine-month Iran war, Reuters reported.
Market sentiment was also influenced by Washington’s focus on tightening its blockade of Iran and increasing economic pressure on Tehran, easing concerns about an immediate resumption of hostilities.
Brent crude futures slipped 5 cents, or 0.05%, to $95.77 a barrel by 1746 GMT (10:46pm PKT), while US West Texas Intermediate (WTI) crude fell 17 cents, or 0.19%, to $88.57 a barrel. –Agencies
